LPL Financial on Monday announced it had hired a chief technology officer, filling a newly created role at the nation's biggest independent broker-dealer.
In his new role, David Wright will be responsible for technology security, overseeing infrastructure operations and developing technology strategies at LPL. He will report to Victor Fetter, the firm's chief information officer.
LPL is responding to the industry's fast-moving digital developments by creating a position specifically in technology.
“Any time your firm is trying to invest in resources in an area they feel they've been lacking previously is always great,”said Julian B. Morris, a certified financial planner at Concierge Wealth Management in Boston, who offers securities through LPL. “In general, LPL is dedicating resources to improve the experience of technology for both advisers and clients and home office employees.”
Prior to joining LPL, Mr. Wright served as interim chief information officer at the McGraw-Hill Cos. Before that, he worked at Capital One for nearly 15 years, serving in a roles of increasing responsibility, including senior vice president of technology operations and CIO of the Capital One card division.
He also has held technology positions at the Federal Reserve Bank of Richmond, Va., and AT&T.
The addition comes at an interesting time for the broker-dealer, which serves 14,000 advisers. Just last week the broker-dealer landed in hot water with the Financial Industry Regulatory Authority Inc.,
receiving a $12 million fine for failing to supervise the sale of a number of complex products. According to the
settlement letter, LPL is accused of not generating proper anti-money laundering alerts, and did not deliver trade confirmations in 67,000 customer accounts.
